Axia Reports Results for the three and six months ended June 30, 2014
CALGARY, Aug. 12, 2014 /CNW/ -
- Business unit revenue of $32.3 million grew 21% from $26.7 million. This increase is driven primarily by increasing market penetration as customer connections grew to 10,166 at June 30, 2014, up 12% from 9,041 a year ago.
- Business unit EBITDA of $7.6 million increased from $7.5 million for the same quarter last year. Included in EBITDA was $2.2 million of new business development costs versus $0.1 million a year ago.
- In Covage, revenue of $18.2 million grew 28% over the same period last year. EBITDA of $5.6 million was up 21% year over year.
- North American revenue of $14.1 million grew 13% and recurring revenue of $12.4 million grew 10% over the same quarter last year.
- Axia's planned $20.0 million investment in Alberta to build 1,526 km of fibre between 25 larger communities in the province is on track and on budget. As of June 30, 2014, 59% of the fibre required to complete the community interconnect grid has been deployed.
- IFRS net loss of $0.3 million or $0.00 per share compared to a loss of $0.4 million or $(0.01) per share for the same quarter last year.
- The balance sheet remained strong with $32.5 million of cash and $4.4 million of debt which includes $2.7 million drawn on Axia's $20.0 million credit facility.
* Axia's business unit summary includes 100% of the financial and operational results of Axia North America and Covage.